10 Largest Economies in the World in 2024:Global economic growth was estimated at 3.2% in 2023 and is projected to continue at the same pace in 2024 and 2025, as per thelatest World Economic Outlook 2024 report, published in April 2024.
It predicts an increase in developed economy growth from 1.6% in 2023 to 1.7% in 2024 and 1.8% in 2025. Emerging markets and developing countries, on the contrary, are predicted to decelerate somewhat, from 4.3% in 2023 to 4.2% in 2024 and 2025.
It is interesting to note that a developing nation like India rises to the fifth largest economy, with the IMF indicating that it will continue to grow faster than China, the second largest economy, as the Chinese mainland struggles with the collapse of its real estate market, low consumer and business confidence, and rising trade tensions with other major countries.
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As gross domestic product (GDP) remains a popular criterion for determining the size and strength of a country’s economy, below is a list of the top ten largest economies in the world as of April 2024.
The top 10 largest economies in the world in 2024:
| Rank | Country Name | GDP (USD Billion) |
| 1 | United States | 28.78 thousand |
| 2 | China | 18.53 thousand |
| 3 | Germany | 4.59 thousand |
| 4 | Japan | 4.11 thousand |
| 5 | India | 3.94 thousand |
| 6 | United Kingdom | 3.5 thousand |
| 7 | France | 3.13 thousand |
| 8 | Brazil | 2.33 thousand |
| 9 | Italy | 2.33 thousand |
| 10 | Canada | 2.24 thousand |
*GDP is based on the data referred from the IMF Report and updated on April 2024*
1. United States:
USA (Source: Unsplash)
With a GDP exceeding $26 trillion, the United States remains the world’s largest economy. Its diverse and robust economic base is characterised by strong financial, manufacturing, technology, and service sectors. A highly developed infrastructure, a skilled workforce, and significant investments in research and development drive this growth. Additionally, the US dollar’s strong position as a global reserve currency further bolsters its economic influence.
2. China:
China (Source: Unsplash)
China’s economy has experienced rapid growth in recent decades, reaching a GDP of around $18.53 trillion in 2024. Being the second-largest economy in the world, the country’s rapid economic growth is driven by its large population and natural resources, with manufacturing and exports being significant drivers, in addition to investments in infrastructure and technological innovation to sustain its growth.
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3. Germany:
Germany (Source: Unsplash)
The fourth-largest economy in the world, with a GDP of $4.4 trillion, Germany’s strong manufacturing sector, particularly in the automotive and engineering sectors, contributes to its $4.30 billion GDP in 2024. Known as a significant player in international trade, the country leads exports of cars, machinery, and chemicals.
4. Japan:
Japan (Source: Unsplash)
Japan is the fourth-largest, most developed, and most technologically advanced economy, with a GDP of $4.11 trillion in 2024. With a strong focus on technology and innovation, it is a leader in high-tech industries like automotive, electronics, and robotics, with a robust manufacturing base. Despite an ageing workforce, Japan continues to drive economic growth through highly developed infrastructure and significant investments in research and development.
5. India:
India (Source: Unsplash)
The fifth largest economy in the world, India’s economy with a GDP exceeding $3.94 thousand billion in 2024 is on a fast track currently. A large and educated workforce, significant investments in technology and infrastructure, and a growing consumer market fuel this growth. Additionally, India’s focus on research and development is crucial for maintaining its impressive growth trajectory.
6. United Kingdom:
UK (Source: Unsplash)
The sixth-largest economy in the world, with a GDP of $3.3 trillion, the UK is a highly developed economy with a strong service sector, particularly in finance and business services, with London being a global hub for finance and insurance.
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7. France:
France (Source: Unsplash)
France’s robust and diversified economy is projected to reach a GDP of approximately $3.33 trillion in 2024. Key sectors include agriculture, manufacturing, and tourism, with luxury goods and aerospace playing significant roles. Known for its social welfare system and high quality of life, France emphasises industries like aerospace, tourism, luxury goods, and agriculture. The country’s well-developed infrastructure and substantial investment in research and development contribute to its economic strength and global influence.
8. Brazil:
Brazil (Source: Unsplash)
Brazil’s economy is a significant player in the global market, with a GDP of $3.33 trillion in 2024. The country’s economic strength is rooted in its diverse sectors, including agriculture, mining, manufacturing, and oil and gas production. The country’s vast domestic market and efforts to attract foreign investment have contributed to its economic growth.
9. Italy:
Italy (Source: Unsplash)
Italy’s economy, with a GDP of around $2.33 trillion in 2024, is characterised by a robust manufacturing sector focused on automobiles, fashion, and design. Tourism is another significant contributor to Italy’s economic strength. While the country faces challenges from its high public debt, Italy’s cultural heritage and skilled workforce remain valuable assets. As the third-largest economy in the European Union, Italy has a highly developed market and is known for its influential and pioneering business sector, as well as its agricultural industry.
10. Canada:
Canada (Source: Unsplash)
Canada’s economy is stable and prosperous, with a GDP of $2.24 trillion in 2024. It is driven by its rich natural resources, including oil, gas, and timber, which are major exports. The country also has a well-developed service sector and a highly educated workforce.
